Saudi Aramco’ s $161bn profit is largest recorded by an oil and gas firm
Saudi Aramco has reported a record $161bn (£133bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.
The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.
“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” said Amin Nasser, the chief executive of Saudi Aramco, which is listed on the Riyadh stock market.
The world’s biggest oil company, which is 95% owned by the Saudi Arabian government, declared a $19.5bn dividend after its fourth quarter trading.
Its board has also recommended the issuance of bonus shares, with investors receiving an extra share for every 10 they currently own.
While oil and gas companies are enjoying bumper results because of the impact of factors such as the war in Ukraine – with bosses taking home “jaw-dropping” pay packages as a result – Saudi Aramco’s performance dwarfs rivals.
The company’s profits for last year are triple that of Exxon’s $56bn and more than four times that of Shell ($39.9bn), Chevron ($36.5bn) and BP ($27.7bn), most of which are also performing at record levels.
Saudi Aramco, which is the world’s second most valuable publicly listed company after Apple, said its results were “underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products”.
Brent crude oil, the benchmark oil price, has fallen back to $82 a barrel, having hit $120 a barrel after Russia’s invasion of Ukraine.
The company reaffirmed it would continue to invest to increase its maximum potential production
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